NEW YORK (Reuters) – Large investors in U.S. biotech companies are likely to capture serious windfall profits as deal activity picks up in the sector.
A Reuters analysis of investors’ average cost found that six U.S. biotech companies flagged as potential takeover targets could yield billions of dollars in profits for their major shareholders at current share prices.
NEW YORK/TORONTO, July 11 (Reuters) – TMX Group Inc,
the operator of the Toronto Stock Exchange, is in talks to buy
U.S. stock market operator Direct Edge Holdings LLC, sources
familiar with the matter said on Wednesday.
The deal hinges on TMX closing its own deal to be acquired
by Maple Group, a consortium of Canadian banks, pension funds
and financial firms, one source said.
NEW YORK (Reuters) – Activist investor Carl Icahn said he had initially tried to avoid a proxy fight against Forest Laboratories Inc and had offered to take at least two seats on the U.S. drugmaker’s board, but he was rebuffed, leading to a battle that is becoming increasingly bitter and personal.
Icahn, Forest’s second-largest shareholder with a stake of about 10 percent, re-launched a proxy battle against the maker of the Lexapro antidepressant in recent months and has now nominated four directors for Forest’s board, after losing a similar battle for board seats last year.
(Reuters) – Forest Laboratories Inc (FRX.N: Quote, Profile, Research, Stock Buzz) said on Monday its board had hired executive search firm Spencer Stuart to find a successor to its 84-year-old chief executive, Howard Solomon, and urged shareholders to reject director nominees put forth by activist investor Carl Icahn.
The U.S. drugmaker said its independent directors are leading the search process, which includes the consideration of internal and external candidates. The company said it had a deep management bench, which included David Solomon, who is the son of its long-time CEO and was promoted in November 2010.
NEW YORK (Reuters) – Manchester United’s filing for an initial public offering of shares in the United States is shedding fresh light on the way its owners, the Glazer family, both borrowed from and bought debt in the English soccer club in recent years.
American entrepreneur Malcolm Glazer and his six children, who took control of the English soccer club in 2005 after a bitter takeover battle, have in the past been criticized by fans for saddling the club with too much debt, amid fears that it didn’t have as much money as some rivals to compete to buy and retain top players.
NEW YORK (Reuters) – GlaxoSmithKline Plc (GSK.L: Quote, Profile, Research, Stock Buzz) has lined up candidates to replace the entire board of Human Genome Sciences Inc (HGSI.O: Quote, Profile, Research, Stock Buzz) as it weighs options after its hostile $2.6 billion bid for the U.S. biotech company was rejected, a source familiar with the situation said on Tuesday.
The British pharmaceutical giant will wait to see the outcome of Human Genome’s ongoing efforts to find a buyer in a separate auction process before deciding its next move, including whether to try to replace the U.S. company’s board, the source said.
NEW YORK (Reuters) – It took Carl Icahn four years, a bitter proxy fight and litigation to make an estimated 22 percent return on Amylin Pharmaceuticals Inc. He could have made about the same amount of money had he just bought a basket of healthcare stocks instead.
The return on Amylin will add to the debate about Icahn’s record as a stock picker and the effect he has on a company he targets. It could also play into the dynamics of his next high-profile battle in the healthcare sector with Forest Laboratories Inc.
(Reuters) – Carl Icahn’s lead nominee for Forest Laboratories Inc’s board has an incentive to help the billionaire investor make a profit of more than $340 million, or 37 percent, according to recent regulatory and court filings, as the activist investor steps up his proxy fight against the U.S. drugmaker.
Icahn owns 26.4 million shares, or 9.92 percent of Forest, making him the second-largest investor in the company. Icahn sued Forest in Delaware’s Court of Chancery on Thursday, demanding more information about its succession planning.
NEW YORK (Reuters) – Five pharmaceutical giants including Novartis AG and Sanofi SA remain in the running for Amylin Pharmaceuticals Inc, as the auction of the diabetes drugmaker with a market value of $4.5 billion enters the last leg, according to people familiar with the matter.
Bristol-Myers Squibb Co, AstraZeneca Plc and Merck & Co Inc also remain involved, the people said. Final bids are expected starting the end of this week, they said.
NEW YORK (Reuters) – Clayton, Dubilier & Rice and at least two other private equity firms submitted bids for TCW Group in recent weeks as Societe Generale (SOGN.PA: Quote, Profile, Research, Stock Buzz) holds an auction to sell its Los Angeles-based asset manager, two sources familiar with the situation said.
The sources said that TCW, which oversees about $128 billion in assets, including the TCW and MetWest fund families, could fetch about $700 million.